When it comes to your business, one of your main goals (if not your biggest goal) is to make a profit. And to find profit, you may need to look at explicit and implicit costs. But, what exactly are these costs? And, what’s the difference between implicit vs. explicit costs? It’s time for your implicit […]
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Accounting Tips, Training, and News
The 8 [Give or Take] Accounting Cycle Steps for Airtight Bookkeeping
November 11, 2021You want a simple way to complete bookkeeping tasks. After all, the more organized your process, the faster you can record transactions and get back to business. To stay on track, you might consider using an accounting cycle. And to do that, you need to know the accounting cycle steps.
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What Is Transaction in Accounting? An Easy Guide
November 9, 2021Keeping your books in order throughout the year is important. So, you track every item, line by line. And, you record every transaction. But, what is transaction in accounting? What, specifically, do you need to track and record?
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9 Types of Business Insurance You Can Shop Around For
November 4, 2021To run a successful business, you need to take some risks. But, risk-taking doesn’t mean you don’t do a little risk management for small business to protect your company from losing money. While you can’t avoid every threat, some types of business insurance can help lessen the financial blow when the unexpected happens.
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Customers Have Tunnel Vision? Here’s What You Can Do to Discourage Price Shopping
November 2, 2021Let’s face it: Consumers, regardless of age, gender, etc., want to find a good deal. And, some of them go above and beyond to find the best buy out there. To do this, consumers may partake in price shopping. Every business owner deals with price shopping, but how do you discourage it? Let us walk […]
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6 Business Records to Track as an Entrepreneur
October 28, 2021As a business owner, there are a lot of things to pay attention to when running your company. Payroll, hiring, bookkeeping … the list goes on and on. And, that list includes monitoring all of your business records. So, what are the most important business records to track?
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Accounting Tools to Consider for Your Small Business
October 26, 2021Owning a business comes with some heavy-duty responsibilities. From invoicing to updating your books, you have a lot of tasks to juggle. You need the right tools to help you keep your business moving along without dropping what you’re juggling.
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What Is Sunk Cost, and How Does it Impact Your Business?
October 19, 2021Running a business means spending money. And, starting a business means spending money before you begin earning money. That’s where the saying, “You have to spend money to make money,” comes from, after all. The idea of spending money to earn money comes into play with sunk costs. So, what is a sunk cost?
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What’s the Deal With Your Investments? Learn How to Calculate Return on Equity to Find Out
October 15, 2021When it comes to your business, you want to know if your investments were worth it. To do that, you may need to calculate some business ratios, like return on equity. But, what is return on equity, and how does it work? And, what is the return on equity formula? Let us give you the […]
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Marginal Cost Definition: What to Know
October 14, 2021Just about everything you do in your business comes with a cost. Whether it’s time, money, effort, or something else, you pay a price. But, what happens when you set a limit for production and have to produce more than your set limit? You encounter what’s known as marginal cost. What is marginal cost?
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